Bitcoin in transactions with low volatility on Sunday 
$68,412 Its price traded at $68,865, up a paltry 0.8%. The neutral candle formation indicates that buyers are recovering the bullish momentum that was depleted after last week’s high-momentum rally. BTC price made a decisive breakout from seven-month consolidation trends as crypto whales strengthen their grip.
The Increasing Influence of Whales
According to Santiment data, the recent BTC price recovery is supported by increased crypto whale activity. After Bitcoin corrected to $60,000 on October 10, the number of wallets holding between 100 and 1,000 BTC increased by 268. This increase in the number of major investors is generally seen as a bullish sign, reviving the “Uptober” vibe in the crypto market.
Bitcoin’s whale count rose significantly on October 10 as its value bottomed around $59,000. The net increase of more wallets between 100-1K BTC between October 10-13 played a role in this uptrend. — Centiment
SEC’s Bitcoin ETF Approval
Another important factor of Bitcoin price recovery is the SEC’s approval of Bitcoin ETF options to list on the New York Stock Exchange. This new crypto-based product is expected to provide the necessary liquidity to attract sustainable startups to the Bitcoin ETF.
While Bitcoin is trading just 7.5% below its all-time high, this confirmation could be a necessary catalyst for BTC price to surpass its previous peak.
Over the last seven months, the Bitcoin price has remained sideways and fluctuated within the two downward trend lines of the bull flag formation. In theory, the chart structure was set following a discretionary rally, and the temporary countertrend move allowed buyers to recover bullish momentum.
Bitcoin price predictions in October showed a sharp reversal from $60,000 to $68,823, indicating an increase of over 14%. This rise highlighted the sustainability of the price above the daily exponential moving average (20, 50, 100 and 200), creating a favorable bullish tone for a better recovery.
The surging price on Friday made a decisive breakout from the upper trend line, signaling the end of the seven-month consolidation. If this breakout continues, buyers could trigger a 22% rally to reach a peak of $82,000.
On the other hand, if Bitcoin price returns to the flag range, sellers may strengthen their control over this asset, triggering a new correction trend.
This movement in the Bitcoin price reveals the market dynamics and the influence of large investors. The increasing role of whales and the SEC’s ETF approval support BTC’s potential rise, while also increasing the market’s sensitivity to fluctuations.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
